Huawei and Apple likely to lead global flagship phone market in 2024: Report

On March 28, 2024, Counterpoint research firm shared the outlook for the 2024 global flagship phone market, predicting that Huawei and Apple could be the top players in this race. Both companies are likely to lead this year’s phone franchise.

Counterpoint shared the global smartphone market shipments by price band data with a comparison table for 2023 and 2024. The new insights show that the overall growth is expected to rise by 3% with a shipment of 1.2 billion smartphone units.

Speaking of the categories, the chart reveals that the entry-level device segment ($150 – $249) will reform this year with an 11% YoY increase. In 2022, the respective market significantly declined due to sudden demand for high-end smartphones.

But things will change for good in this segment in 2024 with the help of India, MEA, and CALA (Caribbean and Latin America). These markets are constantly gaining investments from OPPO, vivo, Xiaomi, and other smartphone industries, booming the growth of budget-friendly handsets in the regions.

Global Premium Phone Market:

The report further indicates that the global flagship phone market may grow 17% in 2024 with the contribution of new smartphone products from Huawei and Apple.

Counterpoint quotes that this year, the introduction of Generative AI and demand for foldable phones is likely to reach its fullest. This will ultimately work as a tonic for the rapid growth of the premium-level devices in the global franchise.

Huawei on one side, will make its legs consistent in the Chinese phone market this year with upcoming products and new Kirin 5G chipsets rollout. Apple iPhone demand has also started growing in India and MEA, driving the firm’s growth.

Concluding the report, Counterpoint adds that the global smartphone shipment will gradually increase YoY with low single digits as well as may take time to recover from previous declining conditions.